Asia in the 'Catch-Up' Game: Part 1

Two developments, the first decades old and the second very recent, have reshaped and are re-shaping the global economic landscape. The first was the process of globalisation that reduced the distance among different economies in the world, not in the physical sense, but in the sense of easy flow of capital, trade, information and technology. The second development was what economists and financial experts call the Great Recession of 2007-09 to distinguish it from the Great Depression that took such a heavy toll in the 1930s.